Tuesday, October 16, 2012

Canadians Much Deeper in Debt

Canadian households are much deeper in debt, Statscan says. Canadians’ credit is now at the same level it reached just before the housing bubble burst in the U.S. and Britain - that is 163%. Given a stagnant, no growth global and domestic economy squeezing the average household, not to mention falling housing sales of 15% this past year, there is every possibility of an implosion of some sort.

And who is fundamentally responsible? Banksters and their neoliberal enablers in government like Flaherty. Remember, banksters are in the debt business, and debt makes the house of cards economy move under neoliberal policy. Any crisis in household or housing debt is a thus a crisis in the economy in general.

Yes, banksters make their money on your debt. And of course the deeper in debt you are, the more money they make. Ever notice that the only question a bankster asks you when you borrow money is "can you manage the payments" when in conscience the first question should be "do you really want to go this much in debt." Why? Because the first so-called obligation for a financial corporation operating on the uneven playing field of neoliberalism is to its shareholders - alas, not you.

About Me

Deeply concerned about the vulnerability of the biosphere, the erosion of our democratic federal institutions, and the frightening power of corporations. I've been appalled for a few years now. Maybe it's time to get outraged/indignados